5 ways to calm financial stress
By Kimberly Palmer | NerdWallet
Financial stress is so common that certified financial planner Katie Lindquist says almost every client she has tells her they are feeling it.
“They don’t know what they should be doing with their money, and they feel like they should know. They feel shame around their money habits, which is a huge driving force of stress,” Lindquist says.
To alleviate that tension, Lindquist helps them get organized and take inventory of their financial accounts and goals. “People who have financial plans are a lot less stressed because they know where they are and where they want to go,” says Lindquist, who is based in Madison, Wisconsin.
To combat overwhelming feelings of money stress, financial experts suggest taking these steps:
Normalize the feeling
Knowing how common financial stress is can help people realize there isn’t something wrong with them when they feel it, says Bari Tessler, author of “The Art of Money” and a financial therapist in Boulder, Colorado.
“Increased financial anxiety has everything to do with interest rates, inflation, job challenges, life curveballs and world events,” Tessler says. Those stressors impact almost everybody. It can lead people to freeze and ignore their finances or to check them too obsessively, she says, neither of which is helpful.